₦airaland Forum

FirstHoldCo Plc (the parent company of FirstBank of Nigeria) is pacing toward a historic milestone, with its annualized net income tracking above the ₦1 trillion threshold in the first half (H1) of 2026.

This stellar performance, driven by a sharp decline in impairment charges and a robust surge in core fee income, signals a highly efficient recovery and clears the runway for a potential dividend windfall for shareholders.

The financial services group reported a stunning 83.5% jump in Profit Before Tax (PBT) for the half-year period ended June 30, 2026, reaching ₦653.5 billion, compared with ₦356.1 billion in the corresponding period of 2025. Net profit (profit for the period) matched this explosive trajectory, surging 81.6% year-on-year to ₦526.1 billion from ₦289.8 billion.

Gross Earnings also surged by 17% year-on-year to ₦1.93 trillion from ₦1.66 trillion in Half-Year 2025, while operating income rose by 25.8% to ₦1.38 trillion. Non-interest income rose to ₦497.1 billion, supported by impressive performance across electronic banking, trade services, brokerage, funds transfer and other transaction-led businesses. This complemented a healthy net interest margin of 9.5%, driven by disciplined pricing, an improved funding mix, lower funding costs, and continued optimisation of the balance sheet.

FirstHoldCo reported a high Pre-Tax Return on Average Equity of 37.7%, while Return on Assets surged to 3.63% in H1, 2026. Total Assets jumped 12% in the period to ₦30.64 trillion, as loans and advances rose to ₦9.79 trillion in H1, 2026.

Total customer deposits also rose, hitting ₦21.93 trillion as the tier-one lender used its scale and size to mop up cheap deposits.

Shareholder Equity meanwhile jumped to ₦3.62 trillion, up 10% from ₦3.3 trillion in December 2025.

Another significant and commendable milestone during the period was the restoration of FirstBank’s Capital Adequacy Ratio ahead of schedule, this is evidence of the effectiveness of the Group’s recapitalisation and earnings retention endeavours.

As of June 30, 2026, FirstBank’s Capital Adequacy Ratio stood at 16.7%, while liquidity ratio remained exceptionally strong at 52.2%.

This achievement provides a solid platform for future expansion and strengthens the Group’s ability to support customers, pursue growth opportunities and create long-term value.

The Group’s non-banking businesses continued to gain traction and are now playing an increasingly important role in earnings diversification.

The Investment Banking and Asset Management businesses recorded ₦46.0 billion in gross earnings and ₦27.4 billion profit before tax, supported by an asset base of ₦572.3 billion. These businesses are helping to deepen customer relationships, broaden revenue streams and position FirstHoldCo as a truly diversified financial services group.

The Group Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, described the results as a significant achievement in the Group’s transformation journey.

He posited, “the first half of 2026 marks an important turning point for FirstHoldCo. These results affirm that the bold decisions the Board took to strengthen the institution were the right ones. We are witnessing the benefits of a stronger balance sheet and improved profitability.”

Organic Revenue Optimization over FX Volatility
The quality of FirstHoldCo’s current earnings run is highlighted by its reduced dependence on volatile foreign exchange windfalls. Foreign currency translation gains fell to ₦44.1 billion in the first half of 2026, down from ₦73.5 billion in H1 2025.

Rather than relying on transient macroeconomic shocks, FirstHoldCo’s growth has been structurally anchored by clean operational execution.

Core Net Interest Income:


Reached a highly resilient ₦879.1 billion (despite the lower yield environment due to CBN’s 50 basis-point rate cut, earlier in February 2026), compared with ₦904.8 billion in the prior year’s first half.

Net Fee and Commission Income:
Surged 28.7% to ₦178.5 billion, up from ₦138.7 billion, driven by rising transactional volumes and digital channels.

Other Operating Income: Skyrocketed to ₦136.7 billion from a mere ₦13.1 billion in H1 2025, providing a significant operational buffer.

Disciplined Cost Control and Asset Quality Rebound

The half-year financials show that FirstHoldCo’s aggressive balance sheet cleanup in previous quarters is yielding immediate results. Asset quality improved substantially, allowing the bank to slash its impairment charges for losses by 37.3% to ₦116.1 billion, down from ₦185.4 billion in June 2025.

Another proof point in the risk management capability is the approximately ₦91.9 billion in recoveries during the first half of the year, demonstrating sustained success in extracting value from legacy exposures and reinforcing management’s commitment to prudent risk stewardship.

Simultaneously, management demonstrated intense cost discipline across its operational footprints with the cost-to-income ratio falling to 44.19%, down from 53.78% as at Full Year 2025.

Personnel Expenses: Remained virtually flat, edging up just 5.4% to ₦180.3 billion from ₦170.9 billion.
Other Operating Expenses: Grew at a below inflation and controlled rate of 11.0% to ₦384.6 billion. This disciplined rise in operating overhead is a favorable indicator, showcasing that the group is scaling its massive asset base efficiently without experiencing cost runaways.
Dividend Math and NGX Outlook
For the investment community on the Nigerian Exchange (NGX), the main focus of this earnings release is the dividend math. With half-year net profit sitting at ₦526.1 billion, FirstHoldCo is comfortably tracking to surpass a full-year bottom line of ₦1.05 trillion.

Applied across the group’s 45.47 billion outstanding shares, annualized earnings per share (EPS) is running at approximately ₦23.14.

Under the bank’s traditional capital return models, a payout ratio of 20% to 40% would place a full-year dividend between ₦5.00 and ₦10.00 per share as highly plausible. At these levels, FirstHoldCo would secure its position as one of the most lucrative high-yield dividend plays on the premium board, reinforcing strong institutional demand for its stock as the financial year unfolds.

FirstHoldCo Outpaces Tier-1 Peers with 100.3% Year-to-Date Gains on the NGX

FirstHoldCo Plc has firmly established itself as the top-performing tier-one lender on the Nigerian Exchange (NGX), with its year-to-date (YTD) capital appreciation crossing the triple-digit threshold.

As of the close of trading on Friday, July 16, 2026, FirstHoldCo equity has posted a striking +100.31% YTD return. By comparison Access Holdings is up +19.06%, Guaranty Trust Holding Company (GTCO) +42.45%, UBA +9.24% and Zenith Bank +84.47%.

This explosive upward movement heavily distances the financial holding powerhouse from its immediate Tier-1 banking peers, highlighting a significant divergence in investor sentiment and institutional positioning within the sector.

Wale Oyedeji, the Group Managing Director, said:

“Our H1 2026 performance reflects far more than strong numbers, it demonstrates the resilience of our franchise, the dedication of our people and the success of the strategic actions we undertook to reposition the Group for the future.

Over the past year, we have worked deliberately to strengthen our balance sheet, restore capital, improve asset quality, and enhance operating efficiency. The results show that those efforts are delivering meaningful outcomes and creating a stronger foundation for long-term growth.”

Adding further, Oyedeji said, “we are particularly encouraged by the restoration of FirstBank’s capital adequacy ratio ahead of plan, the continued growth of our transaction-led businesses and the increasing contribution of our Investment Banking and Asset Management franchise.’

With restored capital, strong liquidity, improving asset quality and a diversified earnings platform, FirstHoldCo enters the second half of 2026 from a position of strength. The Group remains focused on disciplined growth, prudent risk management, operational excellence, and the delivery of sustainable value for shareholders and all stakeholders.

https://moneycentral.com.ng/exclusive/article/firstholdco-profit-surges-83-5-in-half-year-to-%e2%82%a6653-billion-as-roe-hits-37-7/

After all the profits wey una dey see to comot person last 2k na wahala, I don't mind putting 10 billion in opay, palmpay, moniepoint or kuda to this grandpa wicked slug of a bank. if person use una for straight six months you must get issues looking for bank branches to complain why not upgrade no youth is using this yeye wicked bank fintech banks has washed y'all off after our fathers and the older generation pass away so will all these old banks that refuse to embrace the new system of online banking.

Wow ! They are really doing very well

Truly the First..good work team

This is not right,

The profit should have correlation with the health of the country's economy.

To me, the profit is from exploitation of Nigerians.

Very bad

Pls house, my late mum had a share with First Bank, but I don't know where the files for this claim are. How can I claim or handle this situation? Pls anyone. It's been 9 years since she passed on

Is this why you people refused to give me loan?

You need to see the shares on ngx lately. If you have just 10,000 units firstholdco shares, you're a millionaire.. Those who saw this coming and already positioned would rake in millions from this surge.

Na first Bank customer's money .

Robbing customers and making profits to pay shareholders.

It pays when you understand the stock market

This government is favoring corporate force .
Just set up big business and u will cash out big time.
But it terrible for small businesses, civil servants,
There is actually a lot of cash flow in the hands of the cooperate force (banks,big biznes)
This is a call for u to diversify ur income

Firstbank is truly the first. My N2k is part of this achievement

Lumidee007:
Pls house, my late mum had a share with First Bank, but I don't know where the files for this claim are. How can I claim or handle this situation? Pls anyone. It's been 9 years since she passed on

Do you have the certificate?

Nigeria financial sector is booming since the coming of Emilokan. Our Money Market 💰 has been sweet, I dey mutual funds on the low .

DeltaBachelor:
Wow ! They are really doing very well

Na so o.

Jobless akara sellers can’t relate with this. Jobless because the balablu bulaba master strategist prefers to make everything expensive, tax us like crazy, borrow money like a loony but fail to create jobs promised.

Do you know any worse rogue politician than Jagaban of Borgu

APC is truly All Promises Cancelled.

OkCornel:
Dear sycophants

On August 29 2023, Tinubu’s government promised to create 50 million jobs and revive the economy.

This is almost one year. How far with your messiah’s plan?

Where is the economic revival? Where are the jobs?

https://www.nairaland.com/7821154/tinubu-sets-3-year-economic-revival

Profit must surge , due to criminal activities

Denalarian:
It pays when you understand the stock market

Stock market my foot, talk about companies cutting corners and making it by crook

Gotocourt:
Nigeria financial sector is booming since the coming of Emilokan. Our Money Market 💰 has been sweet, I dey mutual funds on the low .

Is it booming because of reckless borrowing by the man who said he won't borrow because of higher revenue


https://www.youtube.com/watch?v=7WzbBqAWPfI

Aug 29, 2023

Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun made this known at the end of the inaugural Federal Executive Council meeting in Abuja.
Mr. Edun said that the benefit of the subsidy removal will be plough back into various sectors to improve business environment for local and foreign investment.
He added that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.






https://www.youtube.com/watch?v=Bn29b0SkCWU?si=s_-vTlCqSlykI0BX

Ofunaofu:
Report: Current Govt Added More Debt in Two Years Than Nigeria Accumulated in 55 Years

• Decries Nigeria’s debt service-to-revenue ratio

•Urges FG to declare fiscal emergency

A new policy brief has warned that Nigeria’s worsening debt profile and weak revenue generation have pushed the country into a dangerous fiscal position, with the current administration accumulating more debt in two years than Nigeria recorded during its first 55 years after independence.

The report, released by the Alliance for Economic Research and Ethics LTD/GTE, a Nigerian policy think tank, argued that the country’s debt crisis has evolved into a governance and revenue emergency, as debt servicing obligations now exceed the federal government’s retained earnings.
>
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According to the think tank, Nigeria’s public debt rose sharply from N87.38 trillion in June 2023 to N159.28 trillion by the end of 2025, with President Bola Tinubu’s administration accounting for about N65.9 trillion of the increase within its first two years in office.

The organisation in the brief titled: “Nigeria Is Borrowing to Breathe—and the Clock Is Ticking”, noted that Nigeria accumulated only about N12.06 trillion in debt from independence in 1960 up to 2015, meaning the current administration added more than five times that amount in just 24 months.

The report stated that while previous governments also contributed significantly to the country’s rising debt burden, the speed of accumulation under the current administration had intensified concerns over fiscal sustainability.

“President Bola Tinubu’s administration has added a further N65.9 trillion in just two years. To put that in perspective: it took Nigeria’s first 55 years of independence to accumulate N12 trillion in debt. The current administration has added more than five times that amount in 24 months,” it argued.

It recalled that Nigeria briefly became almost debt-free externally after the administration of former President Olusegun Obasanjo secured an $18 billion Paris Club debt relief package in 2005 and paid $12 billion to extinguish about $30 billion in external obligations.


https://www.thisdaylive.com/2026/05/22/report-current-govt-added-more-debt-in-two-years-than-nigeria-accumulated-in-55-years/

This news explained to a 10 year old.



Imagine you have a sharwama stand.

Last year, in the first 6 months, you made ₦356 in profit. This year, in the first 6 months, you made ₦653.

That means you made 83.5% more profit than before. That's like earning almost twice as much money from your sharwama stand because more people bought your sharwama or you spent less money making it.

Now let's explain the other part:

ROE (Return on Equity) = 37.7%

Think of ROE as a score that shows how good a company is at using the money its owners invested.

For example:

Your parents give you ₦100 to start a sharwama stand.

By the end of the year, you've made ₦37.70 in profit from that ₦100.


Your ROE would be 37.7%.

A 37.7% ROE is considered very good because it means the company is making a lot of profit from the money invested by its shareholders.

In simple words:

Profit surged 83.5% = The company made much more money than it did last year.

₦653 billion profit = After paying all its bills, it kept ₦653 billion as profit.

ROE of 37.7% = The company is very good at turning investors' money into profit.


So the headline is basically saying:

"FirstHoldCo had a fantastic first half of the year. It made a lot more money than last year and did a great job using its investors' money."

Lumidee007:
Pls house, my late mum had a share with First Bank, but I don't know where the files for this claim are. How can I claim or handle this situation? Pls anyone. It's been 9 years since she passed on

She had a share? A share kpere? Ogbeni, free that thing for them jor. Haba

Firstholdco is booming! A fantastic report. Absolutely solid numbers.

Me I downloaded bamboo app yesterday and I’ve started stocks. I no de dull

Lumidee007:
Pls house, my late mum had a share with First Bank, but I don't know where the files for this claim are. How can I claim or handle this situation? Pls anyone. It's been 9 years since she passed on

I have share too, but Firstholdco has been cheating us, last year, they paid next to nothing as dividend. To your mum, check online for unclaimed dividend to search her name. Also her dividend may have been paid to her account if she filled e-dividend. She may have next of kin that can claim her right. If you know a stock broker, he /she may help out. Better still talk to a lawyer.

Wetin concern we the shareholders na Interim Dividend.

All these Turenchi na water.

Baba Cuppy, all eyes on you.

Stock trading still pays

Lumidee007:
Pls house, my late mum had a share with First Bank, but I don't know where the files for this claim are. How can I claim or handle this situation? Pls anyone. It's been 9 years since she passed on

Visit this site and search for her name or with her registrar. https://eportal.sec.gov.ng/non-mandated
Then you can contact a the registrars to help you claim the shares.

I can help too. Did same for my lat dad's shares and was able to recover all dividends and even sell the units left after the dividend.
But you have to know how many shares units your mom has and dividend due, so you know if its worth pursuing.

Ameboperoo:
You need to see the shares on ngx lately. If you have just 10,000 units firstholdco shares, you're a millionaire.. Those who saw this coming and already positioned would rake in millions from this surge.

Is this the right time to initiate sell?
Can’t just let this gain pass me by after weeks of panic when I bought some shares. Please advise a brother on time. Thanks

Gotocourt:
Nigeria financial sector is booming since the coming of Emilokan. Our Money Market 💰 has been sweet, I dey mutual funds on the low .

what are the three best banks for mutual funds investment in your view/recommendation? Thanks.